College debt in the U.S.: how much are you willing to gamble?

The collective debt for higher education in the U.S. is steadily rising, and educators are taking a step back to evaluate whether the growing piles of money and interest that students owe are truly worth the hassle. This recent story on NPR takes a look at student loan debt all over the nation and discusses the choices that students make when borrowing for college:



The key, researchers say, is to get enough bang for your buck. When borrowing, it's important to realize what kind of degree you are getting, what the job prospects will be, and how long it will take to pay off college loans for the degree. Majors in ethnomusicology and theater, for example, who go heavily into debt must do so with their eyes open. Jobs in these fields are difficult to find and do not always pay well the first few years, unless one chooses to be in academia (for which a Master's or Ph.D is usually needed, not just a B.A.). So, follow your dreams but have a Plan B, experts agree...five or six figures in loans are only worth it if you've got the patience, drive, and stamina to handle the debt.